Boston, MA 08/07/2014 (wallstreetpr) – Products creator for Golf, Callaway Golf Co (NYSE:ELY) and financial services provider PacWest Bancorp (NASDAQ:PACW) have declared a regular quarterly cash dividend to its shareholders.
Dividend
Callaway Golf said that its board had declared a quarterly cash dividend of one cent a share on its Common Stock. The dividend would be payable to the shareholders on September 12 subject to their name appearing on the record date of August 22.
Similarly, PacWest Bancorp also disclosed that its board had declared a quarterly cash dividend of 25 cents a share. The dividend would be paid to the shareholders on August 26, and the record date of August 18 was fixed to determine the shareholders name to get the dividend.
Dividend Yield
While the dividend yield for Callaway Golf was 0.5%, PacWest Bancorp dividend provides yield of 2.5%. The latest dividend meant that on an annualized basis, their dividend rate works out to 4 cents a share for Callaway Golf Co (NYSE:ELY) and $1.00 a share for PacWest Bancorp.
Share Repurchase Program
Callaway Golf has not restricted itself in announcing the dividend alone. The company had also disclosed that its board had given permission to buyback a maximum of $50 million of its shares from either the open market or through privately negotiated transactions.
Callaway Golf Co (NYSE:ELY) indicated that it would assess market conditions and buying opportunities and indulge in share buyback at the appropriate time only. It would also buyback the shares in consistent with the credit facility terms that characterize the amount of stock to be bought back. The share buyback program would continue to remain in place unless it was terminated by the company’s board.
Stock Price
Callaway Golf Co (NYSE:ELY) shares had a one-year high and a low of $10.35 and $6.76 respectively. The stock finished Wednesday’s normal trading with a gain of 1.56%. On the other hand, PacWest Bancorp (NASDAQ:PACW) closed with a loss of 0.45% on Wednesday’s regular trading session. It had a 52-week high and a low of $47.37 and $32.79 respectively.
